[Research Report] The social media analytics market is projected to reach US$ 26,295.33 million by 2028 from US$ 7,007.84 million in 2021. it is expected to grow at a CAGR of 21.5% during 2022–2028.

Analyst Perspective:

The social media analytics market is a rapidly growing industry that provides businesses with tools to analyze data generated on social media platforms. Social media has become an integral part of people's lives, resulting in a significant increase in the amount of data generated on social media platforms. Social media analytics tools enable businesses to make sense of this data, providing insights into customer behavior, preferences, opinions, and trends. Social media analytics tools can help businesses to identify customer sentiment, monitor brand reputation, and track the success of marketing campaigns. Furthermore, social media analytics gives businesses insights into consumer behavior and preferences. By analyzing engagement patterns, content interactions, and click-through rates, businesses can understand which types of content perform well and resonate with their audience. This information allows businesses to optimize their content strategy and create more engaging and relevant social media posts, increasing brand engagement and customer loyalty. Social media analytics empowers businesses to gain deep insights into their target audience, consumer sentiment, influencers, content performance, and campaign effectiveness. These insights drive strategic decision-making, improve customer engagement, and enhance overall business performance in the dynamic and competitive landscape of social media marketing.

Market Overview:

The social media analytics market analyzes several applications, including customer segmentation & targeting, comparative benchmarking, multichannel campaign management, customer behavior analysis, and others. Customer behavioral analysis and marketing management to develop marketing strategies and brand planning, there is an increasing need for customer segmentation and targeting between large enterprises and SMEs. To make well-informed business decisions, social media analytics (SMA) is a technology that aids in monitoring, gathering, and analyzing data from social networking sites. It assists businesses in identifying high-value features for goods and services, identifying the most recent trends, enhancing customer engagement, and mapping third-party partners and channels. As a result, it is used globally for various purposes, including figuring out how well social media campaigns are performing, producing tailored reports, monitoring key social media data, and instantly analyzing the brand image and customer demographics.

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Social Media Analytics Market: Strategic Insights

Social Media Analytics Market

• 
  CAGR (2021 - 2028)

  21.5%
• Market Size 2021
  US$ 7.01 Billion
• Market Size 2028
  US$ 26.3 Billion

Market Dynamics

GROWTH DRIVERS

• Growing importance of social media platforms
• Increasing demand for Business Intelligence (BI)

FUTURE TRENDS

• Increasing integration of Al
• Growing importance of Customer Experience Management

OPPORTUNITIES

• Rising number of social media users in developing nations
• Increasing usage of SMA by LEA

Key Players

• Cision Ltd.
• Hootsuite Inc.
• IBM Corporation
• Meltwater NV
• Oracle Corporation
• Qualtrics International Inc.
• Salesforce.com, Inc.
• Sprout Social, Inc.
• Talkwalker S.à.r.l.

Regional Overview

• North America
• Europe
• Asia-Pacific
• South and Central America
• Middle East and Africa

Market Segmentation

Component

• Solutions and Services

Application

• Customer Experience Management
• Competitive Intelligence
• Sales & Marketing Management
• Others

Deployment

• Cloud and On-Premise

Organization Size

• Large Enterprises and SMEs

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Market Driver:

Growing Number of Tablets and Mobile Phones with Internet Access to Drive Growth of Social Media Analytics Market

As social media becomes more integrated into people's daily lives, the amount of data generated on social media platforms has increased exponentially. Social media analytics tools can help businesses make sense of and leverage this data to make informed decisions. By examining social media data, businesses can gain insights into customer behavior, preferences, opinions, and trends. This can help them to develop effective marketing strategies, improve customer engagement, and enhance their brand reputation. With the increasing use of mobile devices, social media analytics tools must be optimized for mobile platforms. This presents an opportunity for vendors to develop mobile-friendly analytics tools that are easy to use and provide real-time insights.

Mobile-friendly analytics tools can help businesses access data from anywhere, making staying up-to-date on social media trends and customer behavior easier. Furthermore, the growing number of mobile devices with internet access has increased social media data generated in emerging markets. This allows vendors to expand their business and offer social media analytics services in new regions. Analyzing social media data from emerging markets allows businesses to gain insights into new customer segments, cultural differences, and local trends. This can help them to develop effective marketing strategies and expand their customer base.

Segmental Analysis:

Based on deployment, the social media analytics market is segmented into cloud and on-premise. The cloud segment held the largest share of the market in 2020 and is anticipated to register the highest CAGR in the market during the forecast period. Cloud-based social media analytics solutions have significantly impacted the market's growth. Cloud-based solutions offer scalability, flexibility, and cost-effectiveness, making it easier for businesses to scale their social media analytics capabilities as their needs grow without investing in additional infrastructure. Cloud-based solutions are also more flexible than on-premise solutions, as they can be easily customized to meet the specific needs of each business. Finally, cloud-based solutions are more cost-effective than on-premise solutions, as they eliminate the need for businesses to invest in expensive hardware or software.

Regional Analysis:

The North America social media analytics market was valued at US$ 2,406.34 million in 2021 and is projected to reach US$ 9,100.81 million by 2028; it is expected to grow at a CAGR of 21.6% during the forecast period. North America dominates the social media analytics market due to several factors. Firstly, the region is home to many large enterprises that have invested heavily in social media analytics tools to gain a comprehension of customer behavior, market trends, and other key metrics. As a result of the growing number of subscribers to social media in this region, North America is expected to have an important market share over the forecast period. Social media is used by regional businesses to enhance consumers' experiences. Major organizations increasingly monitor user engagement and online activity to optimize the benefits derived from Social Media data. Secondly, the region has a highly developed IT infrastructure and a large pool of skilled professionals, which has helped to drive innovation and growth in the social media analytics market.

Thirdly, North America has a large consumer base active on social media platforms, which has created a strong demand for social media analytics tools to help businesses better comprehend and engage with their customers. There were 264 million monthly active Facebook users in the United States and Canada in 2022. Facebook is used by around 69% of US people, with 23.6% in the 25 to 34 age group. People in the United States use Facebook for an average of 16.1 hours a month. Finally, North America has a favorable regulatory environment that supports the growth of the social media analytics market and a strong culture of innovation and entrepreneurship. The region has helped to drive growth in the social media analytics market by fostering innovation, supporting the development of new technologies, and encouraging investment in the sector. North America has also been a key market for social media analytics vendors, who have leveraged the region's large consumer base and favorable regulatory environment to grow their businesses. Overall, North America's social media analytics market dominance can be attributed to a combination of factors, including a strong IT infrastructure, skilled labor force, large consumer base, and favorable regulatory environment. These factors have helped create a vibrant and growing social media analytics tools market, which is expected to expand in the coming years.

Key Player Analysis:

The social media analytics market analysis consists of the players such as Cision Ltd.; Hootsuite Inc.; IBM Corporation; Meltwater NV; Oracle Corporation; Qualtrics International Inc.; Salesforce.com, Inc.; Sprout Social, Inc.; Talkwalker S.à.r.l.; and Zoho Corporation Pvt. Ltd. Among the players in the social media analytics market; Oracle Corporation and Salesforce.com, Inc. are the top two players owing to the diversified product portfolio offered.

Social Media Analytics Market Report Scope

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Recent Developments:

 

Inorganic and organic strategies such as mergers and acquisitions are highly adopted by companies in the social media analytics market. A few recent key market developments are listed below:

• In June 2022, Salesforce announced the partnership with Acxiom, Annalect, LiveRamp, Criteo, Nine Digital, Neustar, The Trade Desk, Yahoo, and WPP Resolve. It will enhance efficiency, better-personalized experiences, and delivery of customer-centric services.
• In February 2022, Qualtrics introduced XM Discover, which makes use of Clarabridge technology to help businesses better understand their customers. Using artificial intelligence and machine learning, XM Discover enables businesses to consolidate input from structured and unstructured data sources such as chat, posts on social media, and review websites onto a single platform.
• In October 2021, Qualtrics announced the acquisition of Clarabridge. Clarabridge worked for a data-oriented and customer-centric approach to decision-making and contributed to the Customer Experience Management (CEM) industry.
• In 2021, Oracle, Big Red announced a UX update and new AI-powered capabilities to its analytics clouds service as part of its Pracle Live Virtual event series.
• In 2021, Salesforce.com announced expansions and additions to both in Commerce Cloud and Marketing Cloud offerings. Moreover, it has decided to align WhatsApp with marketing cloud.